Development of a decision support system that uses real-time track data to estimate statistical parameters describing the stochastic traffic flow, and then applies modern statistical decision theory to optimize traffic flow is described. An advanced estimation algorithm provides the parameter estimates based on queuing network models of traffic flow. A hypothesis testing approach is developed for triggering traffic flow management initiatives in the terminal area, and a stochastic quadratic programming methodology is advanced to achieve flow control objectives such as runway load balancing. The use of this methodology is demonstrated using multi-day track data from the San Francisco terminal area. It is shown that the methodology can correctly identify the need for restricting the traffic flow into the terminal area, and provide decision support to balance the traffic flow at the runways under uncertain traffic flow conditions. The approach developed in this research can be extended to create decision support tools for a wide variety of stochastic air traffic flow control situations.